Charter beats Q3 estimates with smaller-than-expected broadband subscriber losses
Updates share move in paragraph 1
Nov 1 (Reuters) -Charter Communications CHTR.O beat Wall Street estimates for quarterly results and reported fewer-than-expected broadband subscriber losses on Friday, sending shares up 16% in early morning trading.
The Stamford, Connecticut-based company's affordable internet plans, offering high-speed data, have resonated well with customers and has fueled significant growth, countering competition from major wireless providers like AT&T T.N and Verizon VZ.N.
"We have pricing and packaging that saves customers money with the best products, and a service capability and investment that has yet to be fully realized as a competitive advantage," Charter CEO Chris Winfrey said in a statement.
In September, Charter rolled out cheaper internet plans bundled with its mobile and cable TV services to boost broadband customer retention.
Charter lost 110,000 internet customers in the third quarter, compared with expectations for 267,020 losses, according to Visible Alpha.
The broadband losses were primarily due to the end of a U.S. federal internet subsidy for low-income households.
Revenue for the third quarter grew 1.6% to $13.80 billion, beating estimates of $13.66 billion, according to data compiled by LSEG.
Charter reported earnings of $8.82 per share for the quarter, beating estimates of $8.62.
The company revised its full-year 2024 capital expenditure forecast to about $11.5 billion, down from around $12 billion, citing lower anticipated costs for network upgrades and expansion.
However, increased spending on infrastructure repairs partially offset this decrease following recent hurricanes.
Reporting by Harshita Mary Varghese in Bengaluru; Editing by Tasim Zahid
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